Dublin, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The "Global LNG Market: Analysis by Demand, Supply, Trade, Import, Export, and Region - Size, Trends and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global liquefied natural gas (LNG) market witnessed substantial growth in 2022, with LNG supply reaching 414.52 million tonnes per annum, and LNG trade reaching 405.49 million tonnes per annum. LNG, derived from natural gas, plays a vital role in the global energy landscape, offering a cleaner alternative to traditional fossil fuels for power generation, heating, and transportation, while also providing access to natural gas resources worldwide.
Environmental concerns and emissions reduction targets have driven many countries to transition from coal and oil to LNG for power generation and heating. The expansion of LNG import infrastructure, including regasification terminals and distribution networks, has facilitated global access to LNG. Anticipated new projects are expected to come online starting in mid-2025, while liquefaction operators and investors are accelerating capacity expansion plans and project FIDs (Final Investment Decisions). As a result, the global LNG market has been on an upward trajectory, and this trend is expected to continue. LNG demand is projected to grow at a compound annual growth rate (CAGR) of 3.72% from 2023 to 2028.
Market Segmentation Analysis
By Supply: The global LNG supply is poised to increase in the coming years due to the development of new LNG export facilities, advances in liquefaction technology, rising natural gas production, and expanding LNG trade networks. The demand for cleaner energy sources, particularly in Asia, is further boosting LNG supply.
By Demand: LNG demand is rising as the maritime industry adopts LNG as a cleaner alternative to traditional marine fuels. Emerging economies, especially in Asia, are experiencing rapid industrialization and urbanization, driving higher energy consumption and increasing demand for LNG.
By Trade: LNG imports saw significant growth in Europe in 2022, with global LNG trade connecting 20 exporting markets with 48 importing markets. The abundance of natural gas reserves in the US and Australia has led to a surge in LNG production capacity.
By Import: Japan holds the highest share of the LNG market in terms of imports, while China's LNG imports are expected to recover in 2023. Chinese buyers have been signing more long-term LNG supply contracts, indicating a desire to secure supply volume and costs.
By Export: Australia held the highest share of the market in terms of exports in 2022. The US, Qatar, and other regions also contribute significantly to global LNG exports.
Market Dynamics
Growth Drivers: Multiple factors support the growth of the global LNG market, including the development of liquefaction capacity, increasing regasification capacity, rising energy consumption, escalating greenhouse emissions, government initiatives, and growing demand from the maritime sector. Expanding liquefaction capacity stabilizes prices and enhances energy security by reducing reliance on a single supplier.
Challenges: Challenges such as price volatility, competition from renewables, and high infrastructure costs can negatively impact market growth.
Trends: The market is expected to grow rapidly, driven by trends like the increasing number of new LNG projects, growing long-term SPA signings, the demand for green energy, digitalization, and the usage of lower-emission LNG technologies.
Impact Analysis of COVID-19 and Way Forward:
COVID-19 initially caused disruptions in the global LNG market, with demand slumps and supply interruptions. However, the market demonstrated resilience through long-term supply contracts and adaptability. The post-COVID-19 period has seen a recovery in LNG demand, increased price volatility, continued infrastructure development, and a heightened focus on LNG's role in the energy transition.
Competitive Landscape:
The global LNG market is concentrated, with a handful of key players operating on a global scale. These major players include Chevron Corporation, Shell plc, ExxonMobil Corporation, TotalEnergies SE, QatarEnergy, BP plc, Woodside Energy Group Ltd, ConocoPhillips, Inpex Corporation, Equinor, Cheniere Energy, Inc., and China National Petroleum Corp (CNPC).
ExxonMobil focuses on developing new technologies to construct large LNG ships and trains, maximizing the value of natural gas. QatarEnergy, with the world's largest LNG export capacity, has been making significant strides in the LNG market, including agreements for the construction of modern LNG carriers.
These key players play a crucial role in shaping the global LNG market's future, ensuring its continued growth and adaptability to changing market conditions.
Key Topics Covered
1. Executive Summary
2. Introduction
2.1 LNG: An Overview
2.1.1 Introduction to LNG
2.1.2 Uses of LNG
2.1.3 Advantages of LNG over Traditional Fuels
3. Global Market Analysis
3.1 Global LNG Market: Supply Analysis
3.1.1 Global LNG Market by Supply: An Overview
3.1.2 Global LNG Market by Supply
3.2 Global LNG Market: Demand Analysis
3.2.1 Global LNG Market by Demand: An Overview
3.2.2 Global LNG Market by Demand
3.2.3 Global LNG Market Demand by Region (Asia Pacific, European Union, Middle East & North Africa, Latin America, North America, and Rest of the World)
3.3 Global LNG Market: Trade Analysis
3.3.1 Global LNG Market by Trade: An Overview
3.3.2 Global LNG Market by Trade
4. Regional Demand Analysis
4.1 Global LNG Market Demand: Regional Analysis
4.2 Asia Pacific LNG Market Demand: An Analysis
4.3 European Union LNG Market Demand: An Analysis
4.4 Middle East & North Africa LNG Market Demand: An Analysis
4.5 Latin America LNG Market Demand: An Analysis
4.6 North America LNG Market Demand: An Analysis
4.7 Rest of World LNG Market Demand: An Analysis
5. Regional Import/Export Analysis
5.1 Global LNG Market Import: Regional Analysis
5.2 Japan LNG Market Import: An Analysis
5.3 China LNG Market Import: An Analysis
5.4 South Korea LNG Market Import: An Analysis
5.5 France LNG Market Import: An Analysis
5.6 Spain LNG Market Import: An Analysis
5.7 India LNG Market Import: An Analysis
5.8 UK LNG Market Import: An Analysis
5.9 Global LNG Market Export: Regional Analysis
5.10 Australia LNG Market Export: An Analysis
5.11 The US LNG Market Export: An Analysis
5.12 Qatar LNG Market Export: An Analysis
5.13 Russia LNG Market Export: An Analysis
5.14 Malaysia LNG Market Export: An Analysis
5.15 Indonesia LNG Market Export: An Analysis
6. Impact of COVID-19
6.1 Impact of COVID-19 on LNG Market
6.2 Post COVID-19 Impact on LNG Market
7. Market Dynamics
7.1 Growth Drivers
7.1.1 Liquefaction Capacity Development
7.1.2 Increasing Regasification Capacity
7.1.3 Escalating Energy Consumption
7.1.4 Increasing Greenhouse Emissions
7.1.5 Favorable Government Initiatives and Policy Actions
7.1.6 Increasing Demand from Maritime Sector
7.2 Challenges
7.2.1 Price Volatility
7.2.2 Energy Transition and Competition from Renewables
7.2.3 High Infrastructure Costs
7.3 Market Trends
7.3.1 Increasing Number of New LNG Projects
7.3.2 Growing Long-Term SPA Signings
7.3.3 Increasing Demand for Green Energy
7.3.4 Digitalization and Automation
7.3.5 Growing Usage of Lower Emission LNG Technologies
7.3.6 Decarbonization of LNG
8. Competitive Landscape
8.1 Global LNG Market Players by Export Capacity
8.2 India LNG Market Players by LNG terminals
9. Company Profiles
9.1 Chevron Corporation
9.2 Shell plc
9.3 ExxonMobil Corporation
9.4 TotalEnergies SE
9.5 QatarEnergy
9.6 BP plc
9.7 Woodside Energy Group Ltd.
9.8 ConocoPhillips
9.9 Inpex Corporation
9.10 Equinor
9.11 Cheniere Energy, Inc.
9.12 China National Petroleum Corp (CNPC)
For more information about this report visit https://www.researchandmarkets.com/r/we1qh9
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
